Baked-in Brand Differentiation
I was having lunch before Christmas with a bunch of Australia’s best young business dynamos and conversation turned to our latest and most interesting projects – as it often does. One of the lunchers was Brendan McKeegan, a serial entrepreneur based-out of Melbourne, Australia. Brendan was filling us-in on a business he’s involved-in called Emue Technologies and a great piece of innovative technology they have created and sold into global finance behemoth, Visa. We love nothing better than brand innovation – and even more-so when the differentiation is built into the product.
The technology developed by Australia’s Emue has been named VISA CodeSure, and essentially puts a smart chip into credit cards to provide a whole new level of security for online commerce. As the guys at Visa put it:
Visa CodeSure is the complete authentication solution – bringing a new level of security to card-not-present transactions, online and telephone banking and even non-banking transactions such as access to Virtual Private Networks (VPNs).
The introduction of chip and PIN has vastly improved the security of card payments across Europe. When the cardholder is physically present, chip and PIN provides the best possible indication that a genuine Visa card is being used by an authentic cardholder to conduct a legitimate transaction.
Visa CodeSure is a way of authenticating transactions where the cardholder isn’t present and chip and PIN transactions can not take place, such as when making purchases online.
A Visa CodeSure card is like a standard Visa chip card. It can be used just like any other Visa card to conduct transactions at the point of sale and ATMs. It can also be issued as a debit card, a credit card, a prepaid card or a commercial card. What makes it different is that the card incorporates a neat little eight-digit alphanumeric display, a button keypad and an inbuilt battery with a three year life-span. This means that it has all the necessary technology to generate the highly secure dynamic passcodes.
What’s next – perhaps a Visa card that can provide me account balances on the hop? I look at this credit card innovation and I can’t help but see the future – which is always a sign you have a product that’s tickling the customer’s imagination. And in a category where the difference between the credit card brands can be minimal, it is this very kind of technology innovation that can provide a real differentiated brand value offer to the market.